Container rates skyrocket following Covid-19 outbreak in South China

Major disruptions in container traffic following new restrictions in South Chinese ports as a result of a Covid-19 outbreak has send freight rates to new heights, as indicated by the FBX Baltic Container Index, says shipping analyst Lars Jensen.

Photo: Martin Pollard/Reuters/Ritzau Scanpix

Continued disruptions in global container traffic are reverberating from South China following a major Covid-19 outbreak in the Port of Yantian and are now pushing freight rates to dizzying heights, writes shipping analyst and CEO of Vespucci Maritime Lars Jensen on LinkedIn.

According to the daily FBX Baltic Container index, the rates for container transport on routes from Asia to the US East Coast reached USD 7,598per FFE on Monday. The following day, rates ballooned to USD 8,964 per FFE, an increase of USD 1,495 per FFE in a single day.

Read the whole article

Get 14 days free access.
No credit card required.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Esvagt strikes huge deal with Totalenergies

The French oil major expands its partnership with the Danish service carrier, which secures long-term contracts on eight vessels that will now deliver far more than safety solutions. The agreement is expected to create jobs for more than 160 seafarers.

Western Bulk aims for listing in third quarter

The strong dry bulk market is prompting Norway's Western Bulk to aim for a listing in the third quarter. The carrier projects that the market will strengthen in the second half of the year.

Further reading

Related articles

Trial banner

Latest news

See all jobs